HomeMy WebLinkAboutR-1512 - Authorizing an interfund loan and designating the interest rateI-@..JJ-t~WW;;o
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CITY OF MARYSVILLE
Marysville,Washington
RESOLUTION NO.ISI~
A RESOLUTION AUTHORIZING AN INTERFUND LOAN
AND DESIGNATING THE INTEREST RATE.
WHEREAS,it is appropriate that all preliminary
engineering and related costs for the proposed L.I.D.No.
64,for the reconstruction of 67th Avenue N.E.,be accounted
for in the L.I.D.No. 64 Construction Fundi and
WHEREAS,during 1991 there have been expenditures
from the L.I.D.No. 64 Construction Fund in the approximate
amount of $10,000.00i and
WHEREAS,the city anticipates that bonds will be
sold to redeem such interim financing obligations upon
completion of construction of the improvements and
confirmation of the final assessment roll for L.I.D.No.64.
NOW,THEREFORE,THE CITY COUNCIL OF MARYSVILLE,
WASHINGTON,DO HEREBY AUTHORIZE AND DIRECT:
Section 1.That the City Finance Director loan
$10,000.00 from the utility construction Fund to the L.I.D.
No. 64 Construction Fundi and
Section 2.If L.I.D.No. 64 has not been formed
within a timely period,all preliminary costs,including
interest,incurred by the L.I.D.No. 64 Construction Fund
shall be reimbursed by the City's Street Fundi and
Section 3.
the rate of 4.8%per
day year.
That said loan shall bear interest at
annum,computed on the basis of a 365
A~~TED by the City Council and APPROVED by the
Mayor the day of ~1991.
CITY OF
ATTEST:
GMrt~LERK
APPROVED AS TO FORM:
CITY ATTORNEY